New Gonow Recreational Flagged by SFC Over High Concentration of Shareholding; Shares Fall 31%
MT Newswires Live
Oct 27
New Gonow Recreational Vehicles (HKG:0805) said the Securities and Futures Commission (SFC) has notified the company that only 9.6% of its issued shares were held by other shareholders as of Oct. 13, according to a Monday bourse filing.
The SFC noted that the company's chief executive officer, Miao Xuezhong, holds 48.69% of the issued shares, while 22 shareholders and their related parties control about 41.69%, resulting in highly concentrated ownership.
However, the company confirmed in the filing that not less than 25% of its issued shares are in the hands of the public as of Oct. 13, complying with the public float requirement of the listing rules.
Shares were last down 31% in late-morning trade Tuesday.
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